Free cash back credit cards are among Canada’s most popular credit products, and you may be looking for one for yourself. The Amex SimplyCash offers more chances to scrape up some extra cash than most such cards, plus an extra chance to save on interest fees and a few fun goodies too; the best part, though, is that it is free and almost anyone can get it.
Start With Great Rates
The first thing that needs to be said about the Amex SimplyCash is that it offers excellent reward value. Even though it might not sound impressive at first glace, this card’s 1.25% base rate is an excellent reward rate that most cards at this level won’t even come close to matching. It should be noted that this is the highest the rate can go – there are no bonus categories for you to take advantage of. While that isn’t exactly an upside, at least this keeps things simple and easy to predict. You’ll get a fair amount of cash reliably and never have to think about anything but using your card to do it.
Earn Even Faster In Your First 3 Months
If you were still hoping for a bit more cash back potential from this card, you’re in luck, at least in the short term. Right now, you can benefit from a great introductory offer that allows you to earn 2.5% cash back on all purchases in your first 3 months up to a maximum of $150 cash back in total. The fact that there is a limit on this boosted rate is not ideal, but if you think about, knowing that there is a cap on what you can earn gives you something to shoot for. If you can get your hands on all $150 of this offer before the 3 months are up, you know you’ve used the deal to its full potential. Afterwards, you’ll be back to the same decent 1.25% earn rate that applies the rest of the time.
Get Extra Money For Referring a Friend
Aside from allowing you to earn money directly by spending, the Amex SimplyCash credit card also has a referral system with appealing cash rewards as well. With it, you can get $100 in cash for every friend you refer to this card who is successfully approved for it and actually chooses to get it, up to a maximum of $1,500 per year. This means that if you have 15 friends who you think might be interested in getting a card like this, you have a pretty good chance of maxing out the potential gains you can get from this program and getting yourself a significant boost in cash back rewards for that year. While this cash isn’t guaranteed and depends on your knowing someone who is in the market for a card like this and can qualify for it, the card has a qide enough appeal that it shouldn’t be a hard sell for most people. If you really want to participate in this program, you should have no problem earning at least one of those $100 incentives with minimal effort, and there’s not many cards you can say that about.
Use the Balance Transfer Offer To Your Advantage
Like many of the lower-level credit cards that American Express offers, the Amex Simplycash has an extra introductory offer that allows new cardholders to transfer an existing balance to this card and pay just 1.99% on that balance for 6 months. This is a surprisingly generous offer that can result in a considerable amount of savings for people with heavy credit card debt, almost enough to justify getting this card regardless of any of its other attributes. What it’s really good for, though, is allowing you to make a seamless transition between cards even if you’ve already put down roots in the form of a large balance on another card. You’ll never have to let the chance to get this card pass you by just because you happened to start your credit-using life with another card in your hand – you can switch at any time and actually benefit from having done so, making this card even harder to turn down.
Enjoy a Handful of Extra Benefits
Like most entry-level cards, the Amex Simplycash is relatively minimalist in terms of its benefits, but it does throw in $100,000 of travel accident insurance that some holders might enjoy having. Aside from that, you’ll also automatically be enrolled in the American Express Invites program, an unassuming side benefit that comes with any American Express card. Even though it’s easy to get, you shouldn’t underestimate its utility. Not only will you get advanced access to ticket sales to snap up the chance to attend before anyone else can claim your spot, but there are also a certain number of tickets to some events that are reserved exclusively for American Express Invites members. These special privileges should make it much easier for you to enjoy the exciting events you want to go to without worrying about whether or not you’ll be able to secure a spot. In addition to this, you’ll also occasionally have the opportunity to attend advance screenings of popular movies or score exclusive deals at certain retailers.
Should You Get the Amex SimplyCash?
The Amex SimplyCash credit card may just be a relatively basic cash back card, but it excels in that role. It provides consistent returns that you don’t have to worry about fluctuating with changes in your spending patterns, and it comes with a few choice offers and benefits to sweeten the deal. If you’re unable to look at mid- or high-tier cards yet or just want to save yourself some money on annual fees, you won’t be disappointed with this one. Consider applying for it through Bonsai Finance today.